The State Bank of Pakistan has announced new instructions for money changers across the country. Starting from the new year, every foreign currency transaction will require NADRA verification of the person buying or selling the currency.
The purpose of this rule is to stop undocumented money movement and ensure that all currency trading happens within the legal and traceable system.
The SBP is taking strong steps to control illegal dollar flows. Under the new policy, NADRA CNIC verification is compulsory for all foreign currency transactions, whether someone is buying or selling. Exchange companies are required to verify the CNIC of every customer through NADRA before completing any deal.
These changes go beyond basic identity checks. The central bank is also encouraging a move toward a cashless system. People can no longer buy dollars in cash simply to deposit them into a Foreign Currency bank account.
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Such transactions must now be done digitally through direct account transfers. Cash dollar sales have been limited, and even cash purchases for travel or education now require full paperwork and biometric verification, especially for amounts above 500 dollars.
The SBP has also set clear limits on currency transactions. Individuals are allowed to buy up to 100,000 dollars per year, with a daily limit of 10,000 dollars. These limits apply across all exchange companies. All these steps are part of the updated Regulatory Framework for Exchange Companies, aimed at tightening control and improving transparency.
